Topic: Nigeria needs Bitcoin national reserves - page 3. (Read 546 times)

Embrace a valuable asset like Bitcoin requires a courageous state leader with financial capacity. A courageous president like El Salvador who was the first country in the world to embrace Bitcoin and is holding Bitcoin using state assets through legal tender. US President Trump has expressed his desire to continue his efforts for the growth of Bitcoin and make the United States the capital of Bitcoin. In addition, Russia has started using Bitcoin as a means of payment for international trade. In view of the time, it is recommended that the FED hold Bitcoin as a reserve instead of gold.

In the case of Nigeria efforts to Embrace on Bitcoin are far behind. Governments in various European countries are raising bills to embrace Bitcoin and using government funds to buy. I think that as the number of holders at the individual level increases in Nigeria financial capacity will increase. If a large part of the country's population becomes financially capable without government patronage, those investors can change the future of a country.

nothing no de doable for us as a nation but the issue be say looking at the way we take de, if we start to de reason using bitcoin as our reserve when most our systems de corrupts, e no go hard them to come out in years to come tell you say them sell the country holdings at a loss and say na the reason for another borrowing be that. before we go fit reason to de use bitcoin as our reserve, the rate of adoption of bitcoin in Nigeria go pass this extent and we need to get clear plan as to how we wan take de accumulate am and how strong we de in terms of leaving in standing for the long run.

even though using bitcoin as our reserve is a good development, but at the moment, wee have more pressing challenges to talk about and there are policies that the government should be working towards that will benefit the poor people that are resident in the country. because of the extent of hardship we are facing, there ought to be a state of emergency in the economic sector because things are just betting worse by the day, na when we don fish the basic challenges when don choke us for neck like the issue of unemployment, lack of job opportunity, our refineries not working which has always resulted in fuel scarcity and also the issue of the huge amount of money that our government officials are receiving. when we don address those issues finish na then we fit de reason to look at keying into bitcoin investment if not e go shook you say going into using bitcoin as our reserve at this time go still hard up join for the numerous problems when we de face at hand.

Take a long look at the history of the Nigerian Leadership trend if it’s on a chart it’s a bearish trend, the government just keep getting worse, saying it’ll take us 100 years is an exaggeration yes but it shows that it’ll take a really long long time unless something drastic happens. The people you see in power now will still be here, even after, their puppets wit same mindset will be there in power.

Do you know that this could be hard for we country to easily adapt to because like I know with my little knowledge bitcoin transactions are traceable and with the way things are going it would serve as a place to keep tracking their looted funds because they can't loot anymore or even tempter with such amount. So Government starts putting eyes to bitcoin to use it as national reserved funds could a no no place for them because it's easily for them to be caught and that amount in that reserved funds can't be touched because it would be open to everyone which they can starts monitoring their transactions.

Fiats are more easily to be compromised by our government since they can do it offline without you and I knowing what they are upto, anything that would lead to the trace of any funds by them wouldn't be implemented to avoid serious monitoring by nation.

This is not something that is not doable, after all El Salvador is using crypto as a legal tender since 2021. However, leaders in this parts are unexplainably selfish. And strategically positioned to make sure Nigerians don't raise their heads. So anything that seems good that will raise the citizens out of penuary will not be considered, or welcomed.

Are you trying to say that it's going to take about 100 years for Nigerian's leadership and governance to be reformed? That's quite an exaggeration cause this present government would still finish their tenure and a new one would emerge, you never can tell if the next government would be Bitcoin friendly and try to reform the system as much as they can, i know it would take a gradual process for Nigerian's leadership to be corruption free but take for instance what happen to El Salvador after this present government emerged and what also the emergence of a crypto friendly government in the U.S.

After U.S, purchase a Bitcoin reserve the truth of the matter is that lots of other countries would follow suit, many countries are yet to publicly declear their interest yet but they're secretly making plans on owning a bitcoin reserve and hold for the future, i think we're going to see lots of money pumped into Bitcoin from different countries and that alone could cause a spike to the speculated $1m mark most Bitcoin advocates are speculating, it could happen earlier than expected.

Before you talk of bitcoin strategic reserves in our country, there are a lot of economical and security issues to be settled before discussing that. The government and regulations are not crypto friendly and we don’t have visionary leaders in power, we are still 100 steps behind the developing world. We should talk on developing our economy and growing the naira. U wan use this current naira buy bitcoin?.
With the current situation of leadership and governance it’ll take us the next 100 years to be able to create a BTC reserve.

There are still lots of countries holding bitcoin the likes of China is closely behind USA in holding, there’s the UK, El Salvador, kingdom of Bhutan, Ukraine, Georgia, Finland and others still planning on. Only Germany I know sold a lot of their holdings.

Asides from America, I never hear of any country wey dey plan to have bitcoin reserve for the country. The other big countries wey been get some bitcoin holdings I know of don sell am off and now dem don dey like people wey no really like the idea of owning bitcoin. Wetin you dey suggest dey very easy to talk, but very hard to achieve. No be say na something wey bad for we country o, but you too check am the way naija take be now, even if a group of people for the government dey in support of am, the larger number of people no go like the idea at all and them go make sure say the thing no dey achievable. We wey dey the crypto space for long now don see the benefits of owning some bitcoin and the future benefit of the thing, even if government know, them go dey hard to convince to have a bitcoin reserve due to their selfish mindset in all endeavours.

Bitcoin transparency will not allow our corrupt politicians to implement such a law that will make our country to have a Bitcoin reserve, they will kick against it because every transactions on the Blockchain can be traced. There will be little room for embezzlement which will drastically reduce stealing public funds. I want to believe that it is countries that stealing public funds have been drastically reduced, where proper accountability is a top priority that Bitcoin reserves will work. Besides, it is Europe and America, that African countries copy, and it is only when the citizens starts to clamor for it so even if our country will have a Bitcoin reserve, it will be after we see the success in other countries.

Nigeria economically never reach that level to reason bitcoin as national reserve currency, with the money Nigeria the owe the Western nations through borrowing and with our dependency clog whereas certain economic decisions and policies our so-called leaders the formulate dey usually dey influenced by these Western powers through IMF nah make we the see say no economic policy for not just Nigeria but Africa fit thrive and go beyond the West and Europe them because as dependant economy we only take a step forward when they move about 10 steps ahead.

 So if you calm down analyse the whole play Nigeria then no go gree allow such economic policy to see light because nah dollar your country the use as reserve and using bitcoin now go cos competition wey go fit threaten the dollar market for not just Nigeria but Africa and that's what dey won't want  The pertinent thing now na for nigerians to individually hodl bitcoin as their own reserve hedging it against inflation and making profit from am on every bitcoin circle. As for national reserve, just jettison am.

I think you’re asking for the impossible. Take a good look at your government and ask yourself if this can be achieved in the system of government we are in. This shouldn’t even be a discussion because we know our leaders are corrupt and selfish, they will never do anything for the good of the nation. You’re asking a country that still sees building good roads as an issue to have Bitcoin national reserves. It’s laughable really.

The western countries that are holding Nigeria by the Jugular and intentionally keeping the country in poverty so that we can keep depending on them for aids will not like Nigeria to do this. The caliber of leaders will have not will intentionally frustrate talks of accepting bitcoin for anything in Nigeria. Most of them are not forward thinking. Before we should think about Nigeria having a reserve of bitcoin it should be in about 20 years time after countries like America, has gone far ahead in doing so. At the moment let the country first deal with its security issuses that are everywhere before they even think of anything reserve of bitcoin.

Do you understand how transparent Bitcoin is and how corrupt Nigeria government is? I highly doubt that right now Nigeria will have a national reserve. Nigerian government are so corrupt that government can steal money from any where or area of the country and many of this embezzlement goes without trace but with Bitcoin you can to a good extent track the funds in the reserve. Nigeria having a national Bitcoin reserve would be great but I don't think we are there yet to have one.

With Bitcoin on the rise and many European countries having Bitcoin national reserves and even America planning of having the world with the highest Bitcoin reserves in the trump administration knowing the potentials of Bitcoin to the economy of any  progressive country

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Let have your say